August 19, 2009

(Why You Need to) Get 'Rich' Quickly!

"Know contentment and you will suffer no disgrace; Know when to stop and you will meet with no danger. You can then endure."~ Lau Tzu

With all due respect to the phrase (and outstanding blog), "get rich slowly," this financial philosophy and life pursuit has great potential for failure and even self-destruction.

How so, you ask?

The word "rich," in this context, implies and supports the misleading conventional wisdom that success in life is measured by monetary means. Additionally, the word slowly presents an incredible impediment to even making an attempt at such a seemingly long and arduous task.

Patience is certainly, in the opinion of your humble author, among the highest and greatest of virtues. Simultaneously, however, it may be as close to the antithesis of achievable human behavior as one can find. Humans, as unhealthy as this behavior may be, want to find the shortest and/or quickest path from point A to point B. Short and quick, for the human brain, almost always wins the battle with long and slow.

Why not, then, immediately stop the struggle against human nature, remove anxiety and accomplish the goal of getting rich in the quickest fashion possible? How can this be done? How can this be prudent? The answer, much like the solution to many "problems" we humans face, is quite simple: It is a shift in perception and an alignment with personal values via the definition of terms.

In
essence, the phrase "get rich slowly" leads one to believe that their
patience in pursuit of monetary wealth is a virtuous path. But does
this path lead to a virtuous end? And does this end justify the
means? If, for example, one sacrifices the present for some
unforeseeable future, then this delayed gratification, by default, is
virtuous? Does the pursuit of monetary goals distract from meaningful pursuits? What is your definition of rich? Is it possible that you are already rich?

If one defines the word rich in non-monetary terms, the seemingly herculean feat of "getting rich" may be one of the easiest (and most valuable) accomplishments of one's life. What if "rich" is simply defined as "being content?" Imagine how some of these definitions might make you "rich" now:

Being in good physical, mental and spiritual health.

If you are a parent, your children are healthy.

Being loved and having someone to love.

Making a difference in the life of another.

Your life has meaning and purpose.

"Health is the greatest possession. Contentment is the greatest treasure. Confidence is the greatest friend. Non-being is the greatest joy." ~ Lau Tzu

It is quite true that without sufficient financial health to
provide the basics of life -- food, shelter and clothing -- one's
non-monetary measures of health (physical, emotional & spiritual) can be eroded. If you have enough, however, to provide these basics of livelihood, then the pursuit of financial wealth need only be a support for pursuits that truly bring meaning and purpose to your life.

There is a case for balance: Absolute financial poverty erodes at all levels of health. The consistent raising of the desire for greater financial wealth, beyond enough, however, may also erode at your non-financial well-being. Contentment represents this balance and therefore is the healthiest and most virtuous definition of rich.

Sure, you can continue in your path toward financial freedom (that's another term to define) via debt reduction, spending less than you make, investing your money wisely and all of those conventional money management techniques. But just think how much you can gain by detaching yourself from the need to define your wealth in monetary terms -- by simply learning the art of contentment? If you are already rich in this sense, your financial pursuits become much more achievable and will provoke much less anxiety.

Now pursue contentment: Simply say to yourself, "I am rich;" find a non-monetary reason for this wealth and repeat this often... and you are on your way to "getting rich quickly!"

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Great post, Kent, and I think this goes hand in hand with your earlier post on contentment and appreciating your happiness w/ fewer material things.

A quote from that last post:

"I love to go and see all the things I am happy without." ~ Socrates

This line from Socrates wonderfully expresses my outlook on things these last few years. It's great to have nice things, but I find it even more enjoyable to do without and/or admire things (a work of art, a beautiful car) from afar w/o having to posses them.

It's really our friends, family, health, and state of mind that make us "rich" in the truest sense.

If I see a person driving a $50,000 car or SUV, for example, I do not see an aspiration -- I see a tremendous debt, a large ongoing expense (gas, maintenance) and a quickly depreciating asset. I immediately feel "richer" because I am free of such a tremendous burden and what I would perceive as quite a visible reminder of a foolish decision...

Contentment is a term hard to understand. Getting rich is another thing that is difficult to achieve. You have a great post here. Thanks for sharing. By the way, this might interest you too. I ask you to take a look at this unbelievable Educational courses available to all levels of traders, to Alternative Investment Opportunities that will give you massive returns for a small initial investment, you will be on your way to creating multiple streams of income in no time. Have a remarkable day!

This is a wonderful post.The 'balance' is so intrinsic to Buddhist and Zen philosophies and normally we see it in spiritual/ exotic terms only. But your post made me see it in terms of practical terms. What good is pursuit of wealth of my health suffers from it? What good is working overtime to make more money when I have to spend it on medical bills or premiums to insurance companies.

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